Paying for expensive Chrysler 300 insurance in Chicago can bottom out your bank account and put the squeeze on your family’s finances. Price shopping at each renewal is a great way to ensure you are getting the best deal.
Unbelievable but true, most consumers renewed their policy with the same company for well over three years, and just short of a majority have never even compared quotes to find cheaper rates. Consumers in Chicago could cut their rates by almost $590 a year by just comparing quotes, but they don’t know the benefits if they switch to a new company. Due to the increasing number of choices of insurance companies that have cheap insurance for a Chrysler 300 in Chicago, it can be hard to pick the right company.
Reducing your insurance rates is an easy way to save money. Just take the time to compare rates from online providers.
Comparison shopping rates online is easy and it takes the place of having to drive around to insurance agencies in your area. Buying insurance online eliminates the middleman unless you’re the type of person who wants the peace of mind of a local agency. However, consumers can obtain prices from the web and still use a local agent.
The companies shown below are our best choices to provide free quotes in Illinois. If more than one company is shown, we recommend you visit several of them in order to find the most affordable rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 300 Touring 4-Dr Sedan | $218 | $452 | $340 | $20 | $102 | $1,132 | $94 |
| 300 Touring Plus 4-Dr Sedan | $108 | $210 | $246 | $14 | $74 | $652 | $54 |
| 300 Touring AWD 4-Dr | $138 | $290 | $316 | $18 | $94 | $856 | $71 |
| 300 S V6 4-Dr Sedan | $156 | $310 | $352 | $20 | $106 | $944 | $79 |
| 300 Touring Signature 4-Dr Sedan | $110 | $214 | $250 | $14 | $76 | $664 | $55 |
| 300 Touring Executive 4-Dr Sedan | $178 | $364 | $340 | $20 | $102 | $1,004 | $84 |
| 300 Touring Signature AWD 4-Dr | $314 | $676 | $352 | $20 | $106 | $1,468 | $122 |
| 300 Limited 4-Dr Sedan | $242 | $540 | $294 | $18 | $88 | $1,182 | $99 |
| 300 C 4-Dr Sedan | $178 | $382 | $294 | $18 | $88 | $960 | $80 |
| 300 S V8 4-Dr Sedan | $154 | $334 | $316 | $18 | $94 | $916 | $76 |
| 300 Limited AWD 4-Dr | $218 | $452 | $274 | $16 | $82 | $1,042 | $87 |
| 300 C AWD 4-Dr | $160 | $316 | $250 | $14 | $76 | $816 | $68 |
| 300 SRT-8 4-Dr Sedan | $154 | $334 | $316 | $18 | $94 | $916 | $76 |
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Rate information does not factor in specific garaging location which can affect premium rates significantly.
Policy deductible comparison
The chart below shows how choosing a deductible and can raise or lower Chrysler 300 premium costs for each age group. Data assumes a married male driver, comp and collision included, and no discounts are factored in.
Rate increases following a ticket or accident
The diagram below highlights how speeding tickets and fender-benders impact Chrysler 300 insurance rates for different insured age categories. The costs are based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
Chrysler 300 full coverage rates compared to liability only
The illustration below illustrates the difference between Chrysler 300 premium costs with full physical damage coverage and with liability coverage only. The rates are based on no claims or driving violations, $100 deductibles, single male driver, and no discounts are taken into consideration.
When to drop comprehensive and collision coverage
There is no clear-cut rule for excluding physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s pretend your Chrysler 300 replacement cost is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $7,000 after paying the physical damage deductible. If premium cost is more than $700 annually to have full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where dropping physical damage coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not remove full coverage.
Chicago insurance discounts for a Chrysler 300
Companies that sell car insurance do not list the entire discount list very clearly, so we break down both the well known and the more hidden credits that you can use to lower your rates.
- Driver Training Discounts – Taking part in a safe driver class could cut 5% off your bill depending on where you live.
- Claim-Free Discount – Drivers who don’t have accidents have much lower rates in comparison to accident-prone drivers.
- New Vehicle Savings – Buying insurance on a new vehicle can save you some money because newer vehicles have to meet stringent safety requirements.
- Multiple Cars – Drivers who insure several vehicles with one company could earn a price break for each car.
- Policy Bundle Discount – When you have multiple policies with the same company you could earn a discount of 10% to 20% off each policy.
As a footnote on discounts, some of the credits will not apply to the entire policy premium. Most only apply to individual premiums such as physical damage coverage or medical payments. Despite the fact that it seems like it’s possible to get free car insurance, you won’t be that lucky. Any qualifying discounts will cut the amount you have to pay.
To see a list of companies with the best discounts in Chicago, click this link.
Best reasons to buy car insurance in Illinois
Despite the high insurance cost for a Chrysler 300 in Chicago, maintaining insurance is mandatory in Illinois but it also protects more than you think.
- Almost all states have minimum liability requirements which means you are required to carry a minimum amount of liability in order to get the vehicle licensed. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your Chrysler 300 has a lien holder, it’s most likely the lender will make it mandatory that you buy insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank may insure your Chrysler at a much higher premium rate and require you to pay much more than you were paying before.
- Car insurance preserves your car and your assets. It will also pay for most medical and hospital costs incurred in an accident. Liability coverage, the one required by state law, will also pay attorney fees if you are sued as the result of your driving. If your Chrysler gets damaged, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of buying car insurance are definitely more than the cost, specifically if you ever have a liability claim. Unknowingly, the average driver overpays more than $865 each year so it’s recommended you shop around at every policy renewal to save money.
Local insurance agents
Some consumers just prefer to buy from a licensed agent and that is recommended in a lot of cases Experienced insurance agents are trained risk managers and help file insurance claims. One of the best bonuses of getting online price quotes is you can get cheap car insurance rates but still work with a licensed agent.
To make it easy to find an agent, after completing this short form, your insurance coverage information is emailed to insurance agents in Chicago who can give free rate quotes to get your business. You never need to contact any agents due to the fact that quote results will go to the email address you provide. If you want to compare prices from a specific company, you would need to find their quoting web page and fill out the quote form the provide.
Choosing an company should include more criteria than just a cheap price. Any good agent in Chicago should know the answers to these questions.
- Is the agent CPCU or CIC certified?
- What are the financial ratings for the companies they represent?
- Where would your vehicle be repaired?
- Are you getting all the discounts the company offers?
- Will you work with the agent or an assistant?
When finding a reliable insurance agent, it’s important to understand the types of insurance agents and how they function. Car insurance policy providers can be described as either independent or exclusive depending on the company they work for. Both can do a good job, but it’s worth learning the difference in the companies they write for because it can factor into the type of agent you choose.
Exclusive Car Insurance Agents
These type of agents normally can only provide a single company’s rates like Farmers Insurance or State Farm. Exclusive agents are unable to compare other company’s rates so if the price isn’t competitive there isn’t much they can do. Exclusive insurance agents are usually well trained on sales techniques which helps overcome the inability to quote other rates.
Shown below is a short list of exclusive agents in Chicago that can give you rate quotes.
Dave Rundle – State Farm Insurance Agent
4316 W 63rd St – Chicago, IL 60629 – (773) 735-0135 – View Map
John Kim – State Farm Insurance Agent
5700 N Lincoln Ave #209 – Chicago, IL 60659 – (773) 561-1700 – View Map
Jim Mays Jr – State Farm Insurance Agent
4465 N Milwaukee Ave – Chicago, IL 60630 – (773) 282-1500 – View Map
Independent Agents
These agents can sell policies from many different companies so they can quote policies amongst many companies and find you the best rates. To transfer your coverage to a different company, they simply move the coverage in-house which requires no work on your part.
When comparing rates, you will want to get some free quotes from multiple independent agents to have the best price comparison.
Listed below is a short list of independent insurance agencies in Chicago that can give you comparison quotes.
Thomas Ward Insurance Group
707 W Willow St – Chicago, IL 60614 – (312) 254-1500 – View Map
Illinois Vehicle Auto Insurance (Xpert)
1858 W 18th St – Chicago, IL 60608 – (312) 226-1033 – View Map
Amigo Insurance Agency
5902 W Fullerton Ave – Chicago, IL 60639 – (877) 999-2644 – View Map